The state of Haryana now has a facilitation cell to look into the grievances of micro, small and medium-sized enterprises (MSMEs), reports Biz2credit.
Delayed payment from customers for goods supplied is a major issue faced by MSMEs in India. Such problems related to the Haryana MSMEs will be resolved by the facilitation cell. The cell reports that MSMEs are facing the problem of delayed payment both from public sector and private enterprises.
More complaints have been recorded against government enterprises. The MSME Act 2006 has prescribed a time limit of 45 days for customers to make payments to MSMEs for their goods and services. The Haryana facilitation cell makes it known to buyers that if they do not pay the supplier MSME within the stipulated timeframe, they would be liable to pay compound interest for delayed payment. The rate could be up to three times that of the bank rate.
The cell initiates action only after receiving a complaint from an MSME.